Bitcoin’s $60,000 support is still a bet on the dollar breaking
Glassnode says Bitcoin’s $60,000 support may need DXY below 99 or 10-year yields near 4.2% before recovery can firm.
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The report showed inflation remains elevated, but not hot enough to trigger the deeper crypto selloff investors feared.
The family’s ventures out-earned major digital asset companies while more than 1 million buyers sat on roughly $2.3 billion in losses.
Bitcoin declined as AI-linked stocks and expected tech IPOs drew capital away from a market already vulnerable to leverage.
A potential mega-IPO wave led by OpenAI, SpaceX, and other AI giants could reignite risk appetite across markets, while also testing whether Bitcoin still holds its role as Wall Street’s favorite high-beta trade.
Wall Street analysts are sticking with year-end Bitcoin targets of $100,000 or higher, even after BTC briefly lost $60,000 and ETF outflows shook confidence in the bull case.
FTT surged despite having little remaining utility, showing how Bankman-Fried’s long-shot clemency campaign has become a speculative trade.